Member Article

Mortgage expert welcomes Help to Buy ISA announcement

LEADING South Yorkshire property expert Daniel Bailey has welcomed the Chancellor of the Exchequer’s announcement of new help for first time buyers.

One of the highlights of George Osborne’s spring budget was confirmation of the Help to Buy ISA, specifically aimed at helping buyers saving for a deposit to buy their first home.

The new ISA, available to anybody over the age of 16, becomes available through banks and building societies from autumn this year

And mortgage broker Daniel, the founder and owner of Middleton Finance, says that the move to help reinvigorate the property market as it shows signs of recovery at the end of recession has to be a welcome one.

“Anything to help first time buyers get on the property ladder is a positive step,” he said.

Under the terms of the new ISA, every £200 saved, will see the government give an extra £50, with a potential bonus of up to £3,000 available per saver.

“The Help to Buy ISA is definitely encouraging for first time buyers and in conjunction with 90 per cent, 95 per cent and help to buy mortgages is a positive step forward for those seeking to own their own property,” Daniel added.

“Helping first time buyers with deposits and mortgages is good news as they are the life blood of the property market.

“However the disappointing news is that successive governments have still not addressed the lack of house building and in particular affordable housing.

“What really has to be addressed now is the shortage of stock needed to meet rising demand as we emerge from the property slump that came with the recession.”

This was posted in Bdaily's Members' News section by John Highfield .